Applications of Bizcap AU Pty Ltd; Applications of Hengyi Zhao; Applications of FundIT Ltd [2024] NSWSC 588

Supreme Court New South Wales

Medium Neutral Citation: Applications of Bizcap AU Pty Ltd; Applications of Hengyi Zhao; Applications of FundIT Ltd [2024] NSWSC 588 Hearing dates: 6 May 2024 Date of orders: 17 May 2024 Decision date: 17 May 2024 Jurisdiction: Equity Before: Hmelnitsky J Decision: In each proceeding: (1) The plaintiff's costs be paid out of the funds in court. (2) As to the balance of funds in court after payment of the costs referred to in order (1), 50% be paid to FundIT and 50% be paid to Bizcap. (3) Mr Zhao pay the costs of FundIT and Bizcap in relation to his claim to the funds. Catchwords: EQUITY — Equitable interests in property — Priority disputes — Competing with other equitable interests — where money paid into Court by registered mortgagees following sale of three real properties — where three parties assert equitable charges — whether merits unequal — whether postponing conduct Legislation Cited: Evidence Act 1995 (NSW) ss 91, 136. Cases Cited: Australia Capital Financial Management Pty Ltd v Linfield Developments Pty Ltd [2017] NSWCA 99 Bresmist Pty Ltd v State Rail Authority of New South Wales [1993] NSWCA 37 Council of the Upper Hunter County District v Australian Chilling and Freezing Co Ltd (1968) 118 CLR 429 at 437; [1968] HCA 8 Heid v Reliance Finance Corporation Pty Ltd (1983) 154 CLR 326; [1983] HCA 30 Latec Investments Ltd v Hotel Terrigal Pty Ltd (1965) 113 CLR 265; [1965] HCA 17 Rice v Rice (1853) 61 ER 646 Shawyer v Amberday Pty Ltd [2001] NSWSC 399 Southern Wine Corp Pty Ltd (in liq) v Frankland River Olive Co Ltd (2005) 31 WAR 162; [2005] WASCA 23 White v Conroy (1921) 21 SR(NSW) 257; (1921) 38 WN (NSW) 63 Category: Principal judgment Parties: In proceeding 2023/00028270: